mortgages for debt.

nearlyrich

sparkle84 wrote:

I agree with everything Lynz says (as always) but just to be absolutely correct BOE were not going to raise the the IR at the last meeting they voted 7-1 to hold interest rates David Walton (who has since died) was the only one who voted for a rise. The next meeting is on 6 July - so we will see what happens then.

:eek: Hope you all have an alibi:eek:

nearlyrich

Pobby wrote:

Agree with Lynz and Toto.I have friends with MAD mortgages and they have them as interest only!{Around £300k}In a rising market I can see the idea behind it.Pay with I/O and get out with the equity...

I have friends and colleagues with crazy mortgages too, they think they will pay it off one day but mid 40's and no adequate pension provision either I think they are dreaming. They carry on spending more than they earn each year and whack the difference on credit cards that they just pay the minimum off. It's a disaster waiting to happen in the next few years.

Pobby

nearlyrich wrote:

I have friends and colleagues with crazy mortgages too, they think they will pay it off one day but mid 40's and no adequate pension provision either I think they are dreaming. They carry on spending more than they earn each year and whack the difference on credit cards that they just pay the minimum off. It's a disaster waiting to happen in the next few years.

Yes it really is frightening what some people are up to.Myself and some of these friends with their huge loans work in a very up and down industry and are{like myself} self employed or employed but need a decent amount of commision.My modest home is nothing compared to some of the glam places they own but I really wouldn`t want to go down that road.Hate to say it but I can see the wheels falling off at some point and goodness knows what the results will be.